Flexiti Financial, a provider of Point-Of-Sale (POS) financing and payment technology, announced today its award-winning POS consumer lending platform is now available for online transactions.
Retailers across Canada now have access to a powerful, online financing platform that integrates into any e-commerce engine, offering a low-cost solution. It overcomes two key hurdles – speed of implementation and cost – as e-commerce continues to grow as a critical sales channel.
Flexiti Financial’s POS lending platform offers low rates for retailers who want to offer their customers flexible payment options, such as zero per cent interest financing. Customers do not require an existing credit card to apply. They can simply select “Pay with Flexiti” at checkout, apply, and receive approval for Flexiti’s virtual credit card – within seconds. Merchants receive payment in less than two days.
Flexiti Financial’s new online financing product provides customers with access to open credit, with interest rates as low as zero per cent, through its virtual credit card, eliminating the need to reapply for financing towards future purchases.
Flexiti Financial’s online lending platform is integrated with its existing in-store POS system, allowing retail partners to offer the same financing solution across all sales channels to increase revenue and build loyalty through repeat purchases, whether in-store or online.
Retailers can integrate Flexiti Financial’s online financing to their existing e-commerce site or e-commerce platform through Flexiti Financial’s best-in-class API. Flexiti Financial also offers out-of-the-box ‘Plug & Play’ extensions, free of charge, for e-commerce platforms like Magento 1, Magento 2, WooCommerce, Open Cart and PrestaShop.
“Retailers in Canada are competing on a global scale but lack the advantages our competitors have in other markets, particularly in online payment options,” Wicker Emporium president Raj Kapahi said. “Flexiti Financial has just helped level the playing field, offering us an e-commerce solution we were able to integrate on our site in a few days. E-commerce is an important sales channel for Wicker Emporium, and we are excited to provide our customers with a better shopping experience by offering online financing through Flexiti Financial.”
The potential impact of online financing for retailers in Canada cannot be ignored. In the coming decade, it is estimated that 35 per cent of Canadian retail sales growth will be delivered online, up from seven per cent today. Forty-two per cent of customers are more likely to shop at an e-retailer that offers financing, and retailers that do have seen a 15 per cent increase in the order value at the point of check out.
“We have created the most technologically advanced financing platform in Canada to provide merchants better sales financing options to boost their bottom line,” said Peter Kalen, founder and CEO of Flexiti Financial. “With our platform, our retail partners have seen up to a 380% increase of in-store financed sales. As Canadians continue to embrace online shopping, Flexiti Financial is thrilled to offer our solution to help merchants achieve the same sales online.”